1. An established hardware company with hardware business as the core and "intelligent hardware + smart marketing" two-wheel drive.
Shenzhen Maida Digital Co., Ltd., formerly known as Shenzhen Shida Technology Co., Ltd., was established in 1998 and listed on the small and medium-sized board in June 2007. The main business includes intelligent hardware such as LED lighting, intelligent locks, intelligent power supply and industrial control, as well as intelligent marketing business focusing on marketing SaaS products. Relying on the stable development of intelligent hardware business, while mergers and acquisitions cut into the field of smart marketing, the company has formed a two-wheel drive business pattern of "intelligent hardware + smart marketing". From 2013 to 2018, the company's revenue increased from 619 million yuan to 1.036 billion yuan, with a compound growth rate of about 10.9%, basically maintaining steady growth.
2. New products and new customers, the hardware plate can be renewed.
The traditional customers of the company's intelligent hardware business mainly include Philips and ENSEO, etc., and a large number of high-quality customers have been added in recent years: in 2014-2015, it successfully cut into the ABL supply chain system, the largest lighting supplier in North America; and in 2015-2016, it entered the ASM PT China Manufacturing Center, the world's largest semiconductor and light-emitting diode industry integration and packaging equipment supplier. In 2017, cut into the global general lighting field to serve professional customers and end users of one of the leading suppliers of LEDVANCE;2018-2019, cut into the domestic financial technology field leader-Yihua shares, as well as Europe and the United States and even the world's largest home lighting company-EGLO;2019 year, the company's early contact with Panasonic, SSG and so on began to ship in bulk. So far, most of the company's customers are new customers opened up after the transformation in 2014, have successfully optimized the customer structure, and are expected to work again.
3. Cut into the power supply of 5G base station to welcome the 5G era
The signing of a cooperation agreement with Nuda Cosco means that the company has successfully entered the 5G base station power industry chain and become an indirect supplier to Huawei, ZTE and other communication giants. It is estimated that the market space of base station power supply in the phase of 5G network construction is expected to exceed 20 billion yuan. As a main supplier, it is expected to benefit from the gradual acceleration of 5G network construction and open up a new space for growth.
4. Profit forecasts and investment suggestions:
The company's smart hardware sector performance continues to improve; customer resources are rich in successive years, and the customer structure is gradually optimized; the newly extended 5G base station power business benefits from the gradual acceleration of 5G network construction, and is expected to usher in rapid growth, which is worth looking forward to. We estimate that the return net profit of the company from 2019 to 2021 will be 1.50,2.30 and 314 million yuan respectively. Compared with similar companies in the industry, we will give the company 20 times PE in 2020, corresponding to a reasonable share price of 8.0 yuan.
Risk tips: concentrated customer structure, affected by a single customer fluctuation; exchange fluctuation risk and foreign trade policy change risk; new product promotion does not reach the expected wind direction